Indian equity benchmarks ended Tuesday's session with mixed performance, as Nifty 50 closed at 24,056, down 25 points (-0.43%) while Sensex finished almost flat at 76,944. According to latest market data, the session saw significant sectoral divergence with ITC emerging as the top Nifty gainer at +4.64% and Maruti Suzuki leading the losers at -4.86%. The market breadth remained weak with 1,409 shares advancing against 2,504 declines, reflecting broader selling pressure across sectors. Nifty Bank declined 1.31% to 57,264 points, while Nifty IT rose 0.52% and Nifty FMCG gained 0.69%, providing some support to the overall indices. Shriram Finance emerged as the top Nifty loser, falling 5% to ₹1,054.40, while InterGlobe Aviation declined 4.02% and Nestle India fell 3.66%.
ITC share price gained 4.69% while Happiest Minds share price fell 12.2% following the announcement of a strategic merger. As reported by The Financial Express, ITC Infotech announced plans to acquire a 22% stake in Happiest Minds Technologies and merge the two businesses. The deal involves ITC Infotech acquiring the stake in two tranches at ₹390 and ₹400 per share, after which Happiest Minds will be amalgamated with ITC Infotech. The combined business is targeting $1 billion revenue by FY28, with ITC becoming the promoter with a 73.4% stake while Happiest Minds'''''''''''''''''''''''''''''''' existing promoters* will hold 7.6% as public shareholders. According to regulatory filings dated August 31, the combined entity will bring complementary capabilities with a global workforce of over 19,000 professionals spanning build, intelligence, and operations while expanding into high-potential verticals including hi-tech, healthcare, and edtech.
Maruti Suzuki India share price fell 4.86% despite positive sales performance. According to The Financial Express, the company reported higher August monthly sales and announced plans to spend ₹77,500 crore between FY27 and FY31 on additional manufacturing capacity, new vehicle launches, research and development, and upgrades to its plants and sales network. The company has allocated ₹14,000 crore for FY27, compared with ₹10,000 crore spent during the previous financial year, marking a 40% increase in planned annual spending. Chairman RC Bhargava noted that recent GST reforms have provided fresh support to the automobile industry.
InterGlobe Aviation shares declined 4.02% as domestic ATF prices increased 5.46% to ₹121.28 per litre from September 1, following another ₹5 per litre increase in August. As reported by The Financial Express, the two increases have raised fuel costs for airlines at a time when Brent crude prices climbed above $91 per barrel, adding pressure to operating expenses because ATF can account for 30% to 40% of airline costs. ICRA has retained a negative outlook for Indian aviation, citing higher fuel costs, restrictions on some international airspace and rupee weakness.
Tribhovandas Bhimji Zaveri share price jumped 19.99% and was locked in the upper circuit after announcing that GRT Jewellers India will acquire a 74.12% promoter stake for up to ₹1,033.71 crore. According to The Financial Express, the transaction involves GRT Jewellers signing a share purchase agreement with the promoters of TBZ and will also launch an open offer for an additional 26% stake under SEBI rules. ITC emerged as the top Nifty gainer at +4.64%, leading the market recovery. HCL Technologies rose 3.44% and Adani Ports gained 3.39%, while Bharti Airtel advanced 2.98%, providing support to the IT and infrastructure sectors. Blue Star shares gained 2.06% to ₹1,494.00 in today's trade.
